Budapest, May 1, 2025 – The Europe Today: Türkiye’s state-owned Turkish Petroleum Corporation (TPAO) and Hungary’s MOL Group have signed a landmark agreement to jointly explore and produce oil and natural gas at two sites in Hungary, further cementing the growing energy partnership between the two nations.
The agreement, formalized during a signing ceremony in Budapest on Wednesday, was hailed as a significant milestone by Turkish Minister of Energy and Natural Resources Alparslan Bayraktar and Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto.
“Bilateral cooperation between Türkiye and Hungary continues at a very high level across many sectors, with energy standing out as one of the most significant areas of partnership,” Minister Bayraktar said during a joint press conference.
Bayraktar emphasized the long-standing nature of Turkish-Hungarian energy collaboration, noting that Wednesday’s signing marked “Turkish Petroleum’s first investment in Europe,” a development he described as particularly momentous. “The cooperation between TPAO and Hungary’s MOL is set to grow stronger and, hopefully, expand into third countries across Africa, Asia, and the Middle East,” he said.
Both Türkiye and Hungary are highly dependent on energy imports, facing similar strategic challenges in securing reliable resources. Bayraktar underlined the importance of regional energy cooperation in light of recent power disruptions, referencing the widespread blackout in Western Europe earlier this week.
“In an increasingly uncertain world marked by shifting trade dynamics and rising protectionism, energy security is more vital than ever,” he stressed. “To ensure energy security, we must continue strengthening and expanding our cooperation.”
Bayraktar also referenced the 2023 agreement between Türkiye’s BOTAS and Hungary’s MVM, which enabled Türkiye’s first natural gas export to a non-neighbouring country. He expressed confidence in the potential of both BOTAS and MVM to contribute meaningfully to energy security across Europe.
In addition, he highlighted a recent project involving a Turkish company in a consortium tasked with building a natural gas power plant in Hungary, reaffirming Türkiye’s commitment to broader collaboration in oil, gas, electricity, and nuclear energy.
Minister Szijjarto praised the energy alliance, describing the latest development as a “new milestone” in bilateral relations. “Hungary’s energy security is no longer possible without Türkiye,” he said.
He cited figures showing that Hungary received 2.5 billion cubic meters (bcm) of natural gas this year alone. “If the TurkStream pipeline had not been built in time, we would have faced serious problems after the Ukraine crisis,” he noted. Commissioned in 2020, the TurkStream pipeline has delivered 44.4 bcm of gas to Türkiye and 59.8 bcm to Europe over the past four years.
Szijjarto added that the TPAO-MOL partnership would not only facilitate hydrocarbon production in Hungary but also enable joint projects in third countries.
In a post shared on social media platform X, Bayraktar confirmed that TPAO and MOL have been granted exploration rights in the Buzsak and Tamasi onshore blocks. “With the ‘Concession Agreement’ we signed in Budapest today, we formalized our partnership,” he wrote. “We wish that the signatures will open the door to new opportunities and be beneficial for both countries.”
